What is Act No. 57 / 2006 Coll.?

Act No. 57 / 2006 Coll., on the amendment of laws in connection with the unification of financial market supervision — Law on the amendment of laws in connection with the unification of financial market supervision.

When it became Act No. 57 / 2006 Coll. effectiveness?

Act No. 57 / 2006 Coll. became effective 01.04.2006.

Is Act No. 57 / 2006 Coll. still valid?

Yes, Act No. 57 / 2006 Coll. is still valid and effective.

Act No. 57 / 2006 Coll.

Law on the amendment of laws in connection with the unification of financial market supervision

Valid Effective from 01.04.2006

ČÁST PRVNÍ Čl. I ČÁST DRUHÁ Čl. II „§ 1 „§ 2 „§ 3 „§ 9a § 9b § 9c Čl. III Čl. IV ČÁST TŘETÍ Čl. V „§ 3a „§ 29a „§ 44 „§ 45a § 45b § 45c § 45d „§ 46 „§ 46a § 46b § 46c § 46d § 46e § 46f „§ 49a Čl. VI Čl. VII ČÁST PÁTÁ Čl. XI „§ 42 „§ 43a § 43b § 43c „45a Čl. XII Čl. XIII ČÁST ŠESTÁ Čl. XIV „§ 2f „§ 13a „§ 13b „§ 14 „§ 25b § 25c „§ 27 § 27a § 27b § 27c „§ 28i Čl. XV Čl. XVI ČÁST OSMÁ Čl. XVIII ČÁST DVANÁCTÁ Čl. XXV ČÁST ČTRNÁCTÁ Čl. XXVII „§ 17a ČÁST PATNÁCTÁ Čl. XXVIII Čl. XXIX Čl. XXX ČÁST ŠESTNÁCTÁ Čl. XXXI Čl. XXXII ČÁST OSMNÁCTÁ Čl. XXXVI ČÁST DVACÁTÁ Čl. XXXVIII ČÁST DVACÁTÁ PRVNÍ Čl. XXXIX Čl. XL ČÁST DVACÁTÁ DRUHÁ Čl. XLI ČÁST DVACÁTÁ ČTVRTÁ Čl. XLIII ČÁST DVACÁTÁ PÁTÁ Čl. XLIV ČÁST DVACÁTÁ OSMÁ Čl. XLVII ČÁST DVACÁTÁ DEVÁTÁ Čl. XLVIII ČÁST TŘICÁTÁ Čl. XLIX ČÁST TŘICÁTÁ PRVNÍ Čl. L „§ 19a Čl. LI ČÁST TŘICÁTÁ DRUHÁ Čl. LII „§ 33b § 33c ČÁST TŘICÁTÁ ČTVRTÁ Čl. LIV

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THE LAW

of 2 February 2006

amending the laws in connection with the unification of financial market supervision

Parliament has decided on this law of the Czech Republic:

ČÁST PRVNÍ

Amendment of the Act on the Establishment of Ministries and other Central Authorities of the Czech Republic

Čl. I

Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 2 / 2004, Act No. 5 / 2004, Act No. 5 / 2004, Act No 2000, Act No 2000, Act No. 2000, Act No. 2, Act No. 2000, Act No. 2000, Act No. 2000, Act No. 2000, Act No. 2000, Act No. 2000, Act No. 2000, Act No. 2000, Act No. 2, Act No. 2, Act No. 2000, Act No. 2000, Act No. 2000, Act No. 2000, Act No. 2000, Act No. 2000, Act No. 2000, Act No. 2000, Act No. 2000, Act No. 2000, Act No. 2000, Act No. 2000, Act No.

1. in Paragraph 2 (1), point 8 is deleted;

Points 9 to 12 shall be renumbered 8 to 11.

2. In Article 2 (3), the second sentence is deleted.

3. In Article 4 (1), the words "with the exception of supervision of the capital market within the scope of the Securities Commission 'are replaced by the words" and the protection of consumers' interests in the financial market with the exception of supervision of the financial market within the scope of the Czech National Bank 'and the words "for insurance companies, pension funds' are replaced by the words" contribution to building savings and State contribution to supplementary pension insurance '.

ČÁST DRUHÁ

Amendment to the Securities Commission Act

Čl. II

Act No. 15 / 1998 Coll., on the Securities Commission and amending and supplementing other laws, as amended by Act No. 30 / 2000 Coll., Act No. 362 / 2000 Coll., Act No. 370 / 2000 Coll., Act No. 308 / 2002 Coll., Act No. 257 / 2004 Coll., Act No. 626 / 2004 Coll. and Act No. 381 / 2005 Coll., is amended as follows:

1. In the title of the Act, the words "ESMA 'are replaced by the words" capital market supervision'.

2. The heading of Part One is replaced by the following:

3. The title of Title 1 is read as follows: "SCOPE AND POWERS OF THE CZECH NATIONAL BANK IN THE FIELD OF THE CAPITAL MARKET '.

„§ 1

Subject matter

This law regulates the scope and powers of the Czech National Bank in the exercise of supervision of the capital market and lays down certain rights and obligations of the entities operating on that market. "

„§ 2

In the exercise of capital market supervision, the Czech National Bank strengthens the confidence of investors and issuers of investment instruments in the capital market, in particular by contributing to the protection of investors and the development of the capital market, and by promoting awareness in this area. '

6. Paragraph 3, including the title and footnote 1, reads as follows:

„§ 3

Scope of the Czech National Bank in the field of capital market supervision

Czech National Bank in the Capital Market

(a) exercise supervision to the extent provided for by this Act and the specific legislation governing the capital market business, collective investment, bonds, company law and the allocation of funds of pension funds (1);

(b) decide on the rights, rights of protected interests and obligations of legal and natural persons, where provided for by this law or by specific legislation governing business in the capital market, collective investment, bonds, corporate law and the allocation of funds of pension funds (1);

c) controls the fulfilment of the information obligations of persons subject to the supervision of the Czech National Bank under this Act and the specific legislation governing the capital market, collective investment, bonds, corporate law and the allocation of funds of pension funds (1);

(d) carry out other activities under this Act.

1) Act No. 256 / 2004 Coll., on Capital Market Business, as amended. Act No. 189 / 2004 Coll., on Collective Investment, as amended by Act No. 377 / 2005 Coll. Act No. 190 / 2004 Coll., on Bonds, as amended by Act No. 378 / 2005 Coll. Act No. 513 / 1991 Coll., Commercial Code, as amended. Act No. 42 / 1994 Coll., on supplementary pension insurance with a State contribution and on amendments to certain laws related to its implementation, as amended. '

7. footnote 2 is deleted.

8. Article 4 shall be deleted;

9. In Section 6, the heading "Commission 'is replaced by" Czech National Bank'.

10. in Paragraph 6 (2), the first word "Commission" shall be replaced by the words "Czech National Bank"; the words "in the field of capital market supervision (§ 3 (a))" shall be inserted after the word "management"; and the words "Commission" shall be deleted from the sentence of the second sentence and the words "third sentence" shall be deleted.

11. in Paragraph 6 (3), including footnote 24e:

"(3) The decision of the Czech National Bank in the field of capital market supervision may be subject to decomposition. Decomposition is decided by the Banking Board of the Czech National Bank, which also decides on an appeal against the decision of the organiser of a regulated market or exchange chamber under special legislature24e).

24e) Articles 49 (1) and 149 of Act No. 256 / 2004 Coll., as amended. '

12. in Paragraph 6 (4):

"(4) In proceedings involving persons over 30, documents may be served by a public order. '

13. in Article 6, paragraphs 5 and 6 are deleted;

14. in Article 7 of the title and Article 11 (1), the words "State supervision" are replaced by the words "supervision of the capital market."

15. in Article 7, paragraph 1 is deleted;

16. In Section 7, the designation of paragraph 2 is deleted and its introductory part is: "The supervision of the Czech National Bank is subject to the capital market '.

17. in Article 7 (b), the words "if so provided for by this law" shall be deleted;

18. in Article 7 (c), the word "Commission" is replaced by "Czech National Bank";

19. in Paragraph 7a (1), the words "State supervision of the Commission" are replaced by the words "Supervision of the Czech National Bank over the capital market."

20. In Paragraph 7a (2), the words "State surveillance 'are replaced by the words" supervision'.

21. In Article 7a (2), in both paragraphs 3 and 4, in Article 8 (1), Article 10 (1) and in both paragraphs 4, 11 (1), (2), (4), (5) and (6) of the third sentence, in paragraphs 13 (1), (2) and (3), Article 19, Article 26 (2) (d), the word "Commission" shall be replaced by the words "Czech National Bank."

22. In Paragraph 7a (4), at the end of the provision, the word "Commission 'is replaced by" Czech National Bank'.

23. In Section 8, the heading "Control Authorisation 'is deleted.

24. in Paragraph 8 (1) (a), the words "under this or special law" shall be deleted and the word "supervision" shall be replaced by the words "supervision of the capital market."

25. in Article 8 (1), the following points (c) to (e) are inserted after point (b), including footnote 9b:

"(c) require clarification of the facts from each person, if the condition referred to in (b) is met; the provisions of the specific legislation governing administrative procedures for the summons, presentation and questioning of witnesses shall apply mutatis mutandis;

(d) require the submission of records, reports or associated data transmitted through the electronic communications network by a person subject to its supervision of the capital market and who has lawfully acquired them;

(e) require the provision of operational and localisation data from a person providing a public communications network or providing a publicly available electronic communications service (9b), subject to the condition laid down in (b);

9b) Articles 90, 91 and 97 (3) of Act No. 127 / 2005 Coll., on Electronic Communications and on the amendment of certain related laws (Act on Electronic Communications). '

26. in Paragraph 8 (1), points (c) and (d) shall be renumbered as points (f) and (g).

27. in Article 8 (1) (f), the word "State" shall be deleted; the words "on-the-spot" shall be inserted after the word "control"; the words "under this or special law" shall be deleted; the words "supervision" shall be replaced by the words "capital market surveillance" and the words "including on-the-spot State control" shall be deleted;

28. Paragraph 8 (2) to (5) reads as follows:

"(2) The Czech National Bank may apply the authorisation provided for in points (b) to (e) of paragraph 1, even in the case of an investigation of a fact other than that referred to in paragraph 1 (b), if this is necessary to establish the information requested by a foreign financial supervisory authority, provided that it is necessary for the performance of its financial supervision tasks, that such information can be provided to it in accordance with Paragraph 26 and that it can exercise comparable powers in its national territory in the event of a similar request from the Czech National Bank.

(3) The person subject to supervision of the Czech National Bank for the Capital Market is obliged to provide the Czech National Bank with the necessary synergies in the context of the on-the-spot check, in particular upon request to allow access to its premises without delay. The person from whom the Czech National Bank is entitled to request information or supporting documents or records and particulars referred to in paragraph 1 or 2 shall be required to provide such information or supporting documents or records and data without undue delay, unless the Czech National Bank provides for a longer period.

(4) If there is a risk of delay, the Czech National Bank may initiate on-the-spot checks in relation to persons subject to supervision pursuant to Article 7 by carrying out the first act of the check at the same time when notifying the initiation of the check. The notification of the initiation of an inspection may be served by analogy with Article 10 (2) and (3).

(5) Persons for whom it is reasonable to suspect that, without the relevant authorisation or approval of the Czech National Bank, they are carrying out an activity for which the authorisation or approval of the Czech National Bank is required, are entitled to control the Czech National Bank to the extent necessary to establish the facts relating to such an activity and the controlled person is obliged to provide synergies. "

Paragraph 6 is deleted.

29. In Article 9, the words "and sanctions' are deleted from the title.

30. in Article 9, paragraphs 1, 3 and 4 are deleted;

Paragraph 2 shall become paragraph 1 and paragraphs 5 and 6 shall become paragraphs 2 and 3.

31. in Paragraph 9 (1) in the introductory part of the provision and in both places in paragraph 2, the word "Commission" shall be replaced by "Czech National Bank."

32. in Article 9 (1), in the introductory part of the provision, the words "State supervision" are replaced by the words "supervision of the capital market."

33. in Article 9 (1), the word "controlled" shall be deleted from point (a) and the words "subject to such supervision" shall be inserted after the word "person"; and in point (b), the words "State surveillance" shall be replaced by the words "supervision";

34. in § 9 (3), in three places and in § 11 (6), fourth sentence, the words "Commission" are replaced by the words "Czech National Bank."

35. the following Sections 9a to 9c are inserted after Section 9, including the headings and footnotes No 10:

„§ 9a

Transfers

(1) A natural person commits an offence by:

(a) as a person subject to supervision by the Czech National Bank in the field of capital market, does not provide the information and documentation which the Czech National Bank is entitled to require pursuant to § 8 (1) (a);

(b) does not provide information, documentation, records, data or explanations which the Czech National Bank is entitled to require pursuant to § 8 (1) (b) to (d) and § 2;

(c) as the leading entity of the issuer of the security, the person who prepared the prospectus or the agent of securities placing the securities does not provide the information and supporting documents which the Czech National Bank is entitled to require pursuant to § 8 (1) (g);

(d) infringes an obligation which is subject to supervision under § 7a; or

(e) infringes the obligation to cooperate pursuant to Article 8 (5).

(2) A fine of up to CZK 5 000 000 may be imposed for an offence referred to in paragraph 1 (a), (b), (c) and (e) and a fine of up to CZK 50 000 000 may be imposed for an offence referred to in paragraph 1 (d).

§ 9b

Administrative offences against legal persons and business natural persons

(1) A natural person, whether legal or legal, commits an administrative offence by:

(b) does not provide information, documentation, records, data or explanations which the Czech National Bank is entitled to require pursuant to § 8 (1) (b) to (d) and § 2;

(c) as an auditor of the issuer of the security, the person who has drawn up the prospectus or of the securities dealer placing the securities does not provide the information and supporting documents which the Czech National Bank is entitled to require pursuant to § 8 (1) (g);

(d) infringes an obligation which is subject to supervision under § 7a; or

(e) infringes the obligation to cooperate pursuant to Article 8 (5).

(2) A fine of up to CZK 5 000 000 shall be imposed for the administrative offence referred to in paragraph 1 (a), (b), (c) and (e) and for the administrative offence referred to in paragraph 1 (d).

§ 9c

Common provisions on administrative offences

(1) The legal person shall not be liable for an administrative offence if he proves that he has made every effort to prevent an infringement.

(2) In determining the amount of the fine to a legal person, account shall be taken of the seriousness of the administrative offence, in particular the manner in which it was committed and the consequences thereof and the circumstances in which it was committed.

(3) The liability of a legal person for an administrative offence shall cease if the administrative authority has not initiated proceedings on him within 1 year of the date on which he became aware of it, but no later than 5 years from the date on which he was committed.

(4) Administrative offences under this law are discussed by the Czech National Bank.

(5) The provisions of the Liability and Punishment Act are applicable to liability for acts which have taken place in the course of or directly related to the business of a natural person (10).

(6) Fines for administrative offenses imposed by the Czech National Bank under this Act are collected and enforced by the competent tax office locally. The income from fines imposed on securities dealers under this Act is the income from the Guarantee Fund of securities dealers, the income from other fines imposed under this Act is the income from the state budget.

10) § 2 (2) of the Commercial Code. '.

36. In Section 10, the words "and sanctions' are deleted from the title.

37. in Paragraph 10 (1), the words "and sanctions" shall be deleted;

38. In Paragraph 10 (2), the words "Commission deposits' are replaced by the words" Czech National Bank deposits' and the words "Commission decisions' are replaced by the words" decision of the Czech National Bank '.

39. in Article 10 (3), the words "the Commission is authorised" shall be replaced by the words "the Czech National Bank is authorised," the words "Commission decisions" shall be replaced by the words "Decisions of the Czech National Bank" and the words "the Commission board" shall be replaced by the words "the Czech National Bank's board."

40. In Paragraph 10 (4), the words "and sanctions', the words" or sanctions' and the words "and based on proportionality in the imposition of a fine in relation to the property of a person 'are deleted.

41.Paragraph 10 (5) shall be deleted;

Paragraph 6 shall become paragraph 5.

42. In Article 10 (5), in three places, the word "Commission 'is replaced by the words" Czech National Bank'.

43. In Article 11 (1), the words "under this law or special laws" shall be deleted.

44. in Article 11 (2) (d) and (e):

"(d) a bank, branch of a foreign bank or savings and credit cooperative which they hold for a person against whom corrective or penalty measures are taken, or for any other party to proceedings, a normal, deposit or other account, in order not to pay the funds from that account, shall not be credited or otherwise treated;

(e) to a bank, branch of a foreign bank or a savings and credit cooperative that holds a normal, deposit or other account in order not to pay the funds from that account, not to charge them, or otherwise to dispose of them, if the account in respect of which they have been transferred by the person against whom the remedies or penalties are taken or by another party to proceedings are transferred. "

45. In Paragraph 11 (6), in the sentence, the first words "the Commission shall impose as a remedy measure under this or special law" shall be replaced by the words "the Czech National Bank in the exercise of supervision of the capital market" shall be replaced by the words "the Czech National Bank" as a remedy measure under this law or by the special legislation referred to in Article 3 "and in the sentence, the fourth word" the Commission "shall be replaced by" the Czech National Bank. "

Article 46 (12) shall be deleted;

47. in Article 13 (1) (a), the word "papers, 11)" shall be replaced by the words "documents to which it has granted authorisation under the law governing the capital market business (11),";

footnote 11:

"11) § 6 of Act No. 256 / 2004 Coll., on Capital Market Business. '.

48. in Article 13 (1) (b), the word "brokers, 12)" is replaced by the words "brokers to whom she has granted authorisation under the law governing the capital market business 12),"

Footnote 12 reads:

"12) § 14 of Act No. 256 / 2004 Coll., as amended."

49. in Article 13 (1) (c), the word "market, 13)" is replaced by the words "market authorised under the law governing the capital market business 13),"

Footnote 13 reads:

"13) § 74 of Act No. 256 / 2004 Coll., as amended."

50. in Paragraph 13 (1) (d), the word "papers, 14)" shall be replaced by the words "documents to which it has granted authorisation under the law governing the capital market business 14),";

footnote 14:

"14) § 83 of Act No. 256 / 2004 Coll., as amended."

51. in Article 13 (1) (e), the word "papers, 15)" shall be replaced by the words "papers to which it has granted authorisation under the law governing the capital market business 15);"

Footnote 15:

"15) § 45 of Act No. 256 / 2004 Coll., as amended."

52. In Paragraph 13 (1) (f), the word "funds, 16)" is replaced by the words "funds operating under the Collective Investment Act (16),"

footnote 16:

"16) Act No. 189 / 2004 Coll. '.

53. Paragraph 13 (1) (h) to (j), including footnotes 18, 19 and 20, read:

"(h) depositories of collective investments18),

(i) pension funds and depositories of pension funds (19);

(j) insure20),

18) § 25 of Act No. 189 / 2004 Coll.

19) Act No. 42 / 1994 Coll., as amended.

20) Act No. 363 / 1999 Coll., on Insurance, as amended. '

54. In Paragraph 13 (1) (u), "Commission" is replaced by "Czech National Bank."

55. in Paragraph 13 (1) (w), the word "Commission" shall be replaced by "Czech National Bank."

56. In Paragraph 13 (1), the dot is replaced by a comma at the end of point (w) and the following point (x) is added:

"(x) securities dealers established in a Member State of the European Union who provide their services in the Czech Republic, with details of any organisational component located in the Czech Republic."

57. Paragraph 14 (1) reads:

"(1) The Czech National Bank publishes in a way that allows remote access or in the form of official communications from the Czech National Bank in the Bulletin of the Czech National Bank (" Bulletin ")

(a) the list referred to in Article 13 (1) (a);

(b) final decisions of the Czech National Bank under this Act or specific capital market legislation (Section 3), which are of a fundamental nature, with the exception of those which contain the facts covered by the Special Act 21);

(c) statements of the final decisions of the Czech National Bank in the matter under this Act or specific capital market legislation (§ 3);

(d) the opinions of the Czech National Bank on the capital market;

(e) other communications or notifications of the Czech National Bank relevant to the capital market. '

58. Paragraph 14 (2) is deleted.

Paragraph 3 shall become paragraph 2. In the introductory part of its provisions, the word "Commission 'shall be replaced by the words" Czech National Bank' and the words "Commission Bulletin 'shall be replaced by" The Bulletin shall be notified'.

59. Paragraph 16 to 18 shall be deleted, including the headings.

(60) The designation of Title II, including the heading "COMMISSION ORGANISATION STRUCTURE" shall be deleted.

Article 61 (21) to (25) shall be deleted, including the headings.

62.Paragraph 26 (1) reads as follows:

"(1) The employees of the Czech National Bank overseeing the capital market and persons whose services the Czech National Bank uses in the exercise of supervision of the capital market and their employees and members of the advisory bodies of the Czech National Bank for the capital market are obliged to remain silent about all information obtained in connection with the exercise of its activities, functions or employment in the capital market supervision area. The information referred to in the first sentence may be used only in the manner and to the extent necessary for the performance of the tasks or functions relating to the supervision of the capital market or in judicial proceedings in connection with the decision or exercise of supervision of the capital market or in similar international proceedings. An infringement of the obligation of confidentiality shall not constitute a summary disclosure to a third party in such a way that the specific entity to which the information relates cannot be identified. The obligation to remain silent shall continue after the activity, employment or function which has established the obligation. ';

63.In Article 26 (2) (a):

"(a) to the employees of the Czech National Bank who cooperate in the supervision of the financial market in the Czech Republic,"

64. in Article 26 (2) (b), (4), (5) and (6) and in Article 26 (2) (d), both places, the word "supervision" is replaced by "supervision."

65.In Article 26 (2) (c) (1) and (2), "State supervision" is replaced by "supervision."

66.In Article 26 (2) (c) (3), "central" is replaced by "central."

67.In Article 26 (2) (g), the words "Commission supervision" are replaced by the words "supervision of the Czech National Bank."

68. In Paragraph 26 (5), the word "Commission 'is replaced by" Czech National Bank'.

69. In Article 26 (6), the word "capital 'is replaced by" financial', the word "Commission 'is replaced by" Czech National Bank' and the words "on-the-spot 'are deleted.

70. In Paragraph 26 (7), the word "financial 'is replaced by" capital'.

Article 71 (27) shall be deleted;

72. Title III shall be deleted;

Čl. III

Transitional provisions

1. On the date of entry into force of this Act, the Securities Commission (hereinafter referred to as "the Commission ') shall cease to exist and the term of office of the President and members of the Commission's presidium shall end. The Commission's existing competence resulting from laws and other legislation passes from the Commission to the Czech National Bank on the date of the entry into force of this Act.

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Regulation Information

Citation	Act No. 57 / 2006 Coll., on the amendment of laws in connection with the unification of financial market supervision
Regulation Type	-
Author	-
Collection	Code of Laws

Date of Promulgation	08.03.2006
Effective from	01.04.2006
Effective until	-
Status	Valid

The regulation text is for informational purposes only.